• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 1 hour California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 1 day Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 2 days "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 29 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 13 hours U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 17 hours Nord Stream - US/German consultations
  • 3 days An Indian Opinion on What is Going on in China
  • 3 days Can Technology Keep Coal Plants Alive and Well?
  • 59 mins Forecasts for Natural Gas
  • 10 hours Australia sues Neoen for lack of power from its Tesla battery
  • 3 days Storage of gas cylinders
  • 4 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 4 days Succession Planning in Human Resources for Vaccinated Individuals in the Oil & Gas Industry
Why Is Europe So Divided On Nuclear Energy?

Why Is Europe So Divided On Nuclear Energy?

Though nuclear energy has many…

Layoffs In Oil & Gas See These Industries Hit Their Bottom Lines

Layoffs in the oil industry are setting jewelry stores and many fast food restaurant chains back on their bottom lines, according to a new report by Business Insider.

Signet Jewelers reported on Thursday that a decline in sales in energy-dependent areas in the United States accounted for nearly half of its sales losses in the second quarter of 2016.

Kay Jewelers and Jared - both part of Signet’s portfolio - saw sales figures drop by 2.3 percent in stores open for over a year.

The company had anticipated 1-2 percent growth in sales, while analysts had predicted one percent growth, Bloomberg reported. The new numbers indicate Signet missed both forecasts.

Signet’s shares fell by 13 percent on Thursday in response to the release of the quarterly report.

"Our stores and states and provinces closely tied to the energy industry dramatically underperformed the division averages,” CEO Mark Light said during Signet’s earnings call. "It didn't matter the store banner, the price point, or the merchandise brand. It was an obvious across-the-board trend.”

Fast food outlets, such as Popeyes’ fried chicken and Del Frisco’s steaks also reported lower revenues, citing massive layoffs in the energy industry as a reason that former customers had turned to penny pinching.

Related: ‘’Like A Rollercoaster’’ Hyper-Volatile Oil Funds See Popularity Spike

Pressures from chronically low oil prices have led to layoffs in almost all sectors of the oil and gas industry in recent months.

Oilfield services group Baker Hughes said last month that it had cut 3,000 jobs in the second quarter in a bid to increase annualized savings as its loss widened to US$911 million, from US$188 million for the second quarter last year.

The situation is particularly dire in Texas, where around 99,000 direct and indirect jobs in the Lone Star state have been eliminated since prices collapsed two years ago – equivalent to about one third of the entire industry. In April alone there were about 6,300 people in oil and gas and supporting services that were handed pink slips. Employment in Texas’ oil sector is close to levels not seen since the aftermath of the financial crisis in 2009.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • EH on August 26 2016 said:
    "Charles," that's a shame, but a drop in the bucket compared to the numbers of working class U.S.A. citizens that were paying those HIGH WAGES at the pump and couldn't afford anything else includingmedical or food. After all, there are ; 320 million in this Country, just saying. As my father use to say; a recession is; when YOUR neighbor loses his job,,, a depression is; When YOU lose YOUR JOB!

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News